Transactions are all the amounts you receive and pay from your financial accounts. In short; bank accounts, PayPal accounts, cash drawers, cash boxes, cryptocurrency wallets, credit cards and so on.
How do I add transactions?
- You can add transactions by hand. Often you will have a statement from the bank next to you or internet banking on a second screen.
- You can add one or a lot of transactions by uploading a file. Your Daxto assistant then figures out for itself what remains to be done from that file.
- You can add transactions in real time with a bank link. Your Daxto assistant then independently creates your transactions as soon as something changes.
However you do it, after that the transaction is known in your accounting system. And then one more task remains; connecting the transaction to something else. After all, a transaction must always be connected to something. That can be a sales or purchase invoice, but also, for example, a category on your balance sheet. Even when you transfer money from the current account to your company's savings account, you create transactions and connections. After all, every movement of value must be explained in your accounting records.
With connecting, you declare money received or paid in your accounting records. This always has one of the following three causes:
- You received money for a sales invoice.
- You paid money for a purchase invoice.
- You have received or paid money that changes something about an accounting category.
Receiving money for sales invoices and paying money for purchase invoices sounds logical. Yet sometimes there are special situations. For example, when your customer has paid too little, or has paid too much. But the truly special situations are, of course, those where you connect an amount to a category in your accounting records. This can have the following reasons:
- You deposit money into your business as the owner of a sole proprietorship.
- You pay or receive sales tax following a VAT declaration.
- You pay yourself or other employees salaries.
There are numerous other reasons. Each of those reasons has its own help article that you can search for in your search bar with a keyword or keywords.
Also remember that you can link one transaction to multiple items. For example, you may have created a sales invoice of € 100.00. Your customer transfers € 100.20 in a transaction. You contacted your customer and they indicated that you can keep it as a tip, their mistake. So now you have € 0.20 more than needed for that sales invoice. We call that overpayment, the opposite of an underpayment. With an overpayment like this, you connect the € 100.00 from that transaction to the sales invoice and the € 0.20 tip to the results category called 'betalingsverschillen'. That way the total of your pairings matches the total of the transaction.